Manufacturers and Traders Trust Company (M&T Bank) has provided a $49.3 million loan to Alloy Development Holdings on a 130,000 sq ft residential condo development in the Dumbo neighborhood of Brooklyn.
The loan refinances previous debt provided by a group of lenders represented by the Brooklyn Bridge Development Corporation in June 2014, while the bank provides a new construction loan, city records show.
The borrower partnered with residential contractor Monadnock to acquire the 1 John Street development site along the East River waterfront in late 2013, according to Alloy.
Construction of the 12-story and 42-apartment building, which will feature a mix of two, three, and four-bedroom apartments, is expected to be complete this summer.
M&T Bank has been an active lender both in Manhattan and Brooklyn this year, New York’s two most populous boroughs. The bank provided a $76.54 million loan to refinance the debt on a mixed-use development going up on the Manhattan’s Upper East Side and a $36.4 million mortgage on a commercial property in that borough’s Meatpacking District.
M&T Bank is headquartered in Buffalo, New York. The bank holding company had total assets of $123.8 billion as of June 30, 2016, according to its latest quarterly report. The bank was founded in 1856.